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International Marketing INTRODUCTION 1 LO 11 P1 Key Concept and Scope of International Market

   

Added on  2021-01-02

20 Pages6884 Words273 Views
Internationalmarketing
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Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1. Key concept and scope of international marketing..........................................................1P2. Rationale...........................................................................................................................3LO 2.................................................................................................................................................5P3 Key criteria and selection process of international market...............................................5P4 Market entry strategies with examples..............................................................................6LO 3.................................................................................................................................................9P5 Overview of the key arguments in global verses local debate regarding market expansion 9P6 Differentiation in marketing mix in the context of global and local markets.................10LO 4...............................................................................................................................................13P7. Analysing different international marketing approach McDonald can adopt................13P8. Comparing home and international orientation..............................................................14CONCLUSION .............................................................................................................................15REFERENCES..............................................................................................................................17
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INTRODUCTIONInternational marketing defines as the application of marketing principles to satisfy thevarious needs and wants of the different peoples across the world. It also recognise as thebusiness activity of the firm which design to plan, price, promote and direct the flow of productand services to customers in more then one country for a profit. McDonald is an American fastfood company and it established in 1940 by the Maurice and Richard McDonald (Alguacil,Martí, and Orts, 2017). Company recognised as the worlds fourth largest employer by 1.9 million number ofemployees. Report will present the scope and Key concepts of the international marketing andalso explain the various market routes that organisation can adopt for expanding their marketinternationally. Study also define and analyse the various international marketing approaches forMcDonald. Furthermore, the home country will compare to the international country so thatindustry get an idea and will decide effectively to expand the business or not.LO1P1. Key concept and scope of international marketingInternational marketing defines as the strategy which allows the organisation to takebetter opportunities which is offered by the foreign markets and cope with internationalcompetitions. Marketing is the key concept in the business strategies that ensure that products ofthe industry promote effectively that influence the mind of consumers and maximise the sales.The international environment of the organisation is quite more complex as compared to thenational environment of the firm. International marketing develops together with the marketingexperiencing for organisational developments through international marketingstrategies(Budzinski, 2017) . International marketing takes place when organisation carried outtheir business activities in more than one nation. It is all about identifying and satisfying globalcustomers needs better than competitor company and coordinating marketing activities with inthe constraints of the global environment.Scope of the international marketingThe scope of the international marketing increasing with global marketing opening up forbusiness organisation. It includes various factors which defines the scope of the internationalmarketing in the organisational context such as Export, import, and contractual agreement.1
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Export: It refers to the process which provide an opportunity to organisation for tradingof its goods and services one country to another by promoting the business activities throughsocial media and abiding by the rules and regulation of both the home country and foreigncountry with respect to the rules and regulation(Datta, Ailawadi and van Heerde, 2017) .Import: It is the main component of international marketing concept which provides aopportunity to the company in terms of importing goods and services from foreign country andselling in the domestic market. It is based on the demand of customer for imported goods andservices. Licensing: License is an administrative procedure which is issues by nationalgovernment which for authorizing of certain goods into its territory. It offers flexible workagreement which is based on interest and needs of licensor and licensee.Franchising: It is another international marketing concept which is implied by firm whenexpanding business. It is the best strategy when functions of existing organisation are not goingright and instead of starting from scratch the firm can opt for franchise as it reduces the risk ofconsumer acceptance. Foreign direct investment: The organisation moves beyond their domestic boundaries,at this time scope of international marketing exposes it to greater chance of doing more businessoperations which results in expanding market, consumer base as well as values and profit of thefirm. Organisation can grow exponentially by getting into contractual agreement with otherbusiness partners (De Mooij, 2018).Joint venturing: In this strategy two or more business entity come together and runbusiness in the new market. They are also responsible to distribute their market share equality oron the bsis of ratio and as well as profit and loss. In this the investment, profit and losses are pre-decided in terms of values and time period. It is beneficial for a company to enter into a jointventure which raise the scope for international marketing and results in creating barrier for newentrants in the foreign market.Local marketingInternational MarketingIt refers to marketing within ageographical area.It is served in small areathe customers are almost same.In means the activity which is donebeyond local area.It is served at larger area.The taste of customers varies from2
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